FOR IMMEDIATE RELEASE
NALCAB Awards $105,000 to Dorchester Bay to Provide Small Business Technical Assistance
December 8, 2021 – Boston, Massachusetts –Dorchester Bay Economic Development Corporation (DBEDC) will receive $105,000 in funding to aid small businesses that the COVID-19 pandemic has negatively impacted. The grant, awarded by Wells Fargo’s Open for Business Fund and the National Association for Latino Community Asset Builders (NALCAB), will help increase access to capital for small businesses in low and moderate-income communities, especially those owned by women and minorities in Dorchester, Roxbury, Mattapan, Jamaica Plain, Roslindale, and Hyde Park.
DBEDC was selected as one of 15 nonprofit lenders across the country with a track record of providing small business lending and development services to low-wealth populations that have traditionally had difficulty accessing capital.
“We’re very grateful for NALCAB’s support of our continuing efforts to support local businesses in their recovery from the impacts of the pandemic. This grant will enable us to strengthen our outreach and assist many small businesses in our community who are just beginning to get back on their feet,” said Perry B. Newman, Chief Executive Officer of DBEDC.
NALCAB, a certified Community Development Financial Institution (CDFI), is the hub of a national network of more than 140 member organizations that are anchor institutions in geographically and ethnically diverse Latino communities in 40 states, Washington, DC, and Puerto Rico. NALCAB’s mission is to strengthen the economy by advancing economic mobility in Latino communities. Approximately 70% or more of those served by the NALCAB Network are Latino, 20% are Black, and more than 40% are immigrants.
The Open for Business Fund was created in July 2020 to provide capital and expertise for businesses hardest hit by the pandemic. Wells Fargo is donating roughly $420 million in gross processing fees from participating in the first round of PPP and has already helped a projected 148,000 small businesses keep an estimated 253,000 jobs nationwide (through September 30, 2021). The Open for Business Fund will continue to award grants to nonprofits serving small businesses through the end of 2021.
About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation (DBEDC) is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions, and the shortage of quality affordable housing undermining Boston’s Dorchester neighborhoods. Over the last 40 years, we have worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and over 200,000 square feet of commercial space, to engage residents in community life, and to support a robust economy through small business support and economic development. The structures we have built are physical manifestations of our work, but at its core, our work is about strengthening our community, which is made up of the people who live and work in our neighborhood.